If you are unhappy in your marriage, you have likely been considering the possibility of divorce for some time. While many unhappily married people dream about the liberating feeling of being single again, they are often faced with many different barriers that prevent them from taking action. The prospect of losing the strong bond you have with your children could be one worry you have. Additionally, the prospect of going through financial struggles due to the divorce may be another concern.
If you are worried that you cannot afford to go through a divorce, or that a divorce will lead you to be worse off financially, you should take the time to research how you will likely be affected. Your current financial situation, your ability to earn your own income, and the laws in your state will significantly affect the likely outcome.
How do state laws affect divorce finances?
All states fall into two categories when it comes to marital property division at divorce. Some recognize the concept of marital property. Community property states ensure that all marital assets are divided equally between spouses, regardless of circumstances. Other states follow equitable distribution laws, which means that they divide marital assets between divorcing spouses in a way that is considered to be fair and just.
Louisiana is a community property state. This means that it will be relatively easy to predict the division of assets before filing for divorce. When estimating, you must recognize that only marital assets, and not separate property, are eligible for division.
How will my current financial state affect the outcome of divorce?
The income of your divorcing spouse and your own current income are important to take into account, since these will have implications for alimony and child support orders. In addition, it is paramount that you take debts into consideration. Any debts that are acquired during the marriage will be considered to be marital debts, and they will, therefore, be divided equally between spouses in Louisiana.
If you want to go through a divorce in Louisiana but you are worried about the financial implications, you must plan ahead so that you can carefully control the outcome of the divorce.